A defendant shall be punished by imprisonment with prison labor for twelve years.

On January 29, 2016, the Defendant was sentenced to two years of imprisonment with prison labor for a violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) at the Seoul High Court of Seoul, and three years of suspended execution, and the above judgment was finalized on August 29, 2016.

Criminal facts

The Defendant violated the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) was established at around February 2, 2008 by establishing an I Co., Ltd. (hereinafter “I”) and J Co., Ltd. (hereinafter “J”) around October 2014. From around September 2010 to around September 2, 2016, the Defendant established a foreign corporation and carried out overseas business, such as FX M&C brokerage, etc., and there was no profit from the business deposited into the domestic account from the foreign corporation to September 2, 2016, and there was no asset or profit-making business to pay high-rate profits to the victims, and there was no possibility of realizing considerable profits within a short period due to lack of success possibility, and there was no possibility of using the funds for the victims’ total amount of KRW 484.3 billion for the purpose of using the funds as the principal and interest of investors or for repayment of the funds (such as repayment of the funds) or the Defendant’s total amount of money collected from the investors.

On October 22, 2014, the Defendant raised the victim L a large profit from the overseas business operated by the Defendant, such as the FX M&C brokerage business, at the J office located in the Yeongdeungpo-gu Seoul Metropolitan Government K and 23th floor.

In order to make an investment in the business of the defendant, the defendant shall make a false statement to the effect that the defendant shall guarantee the 1% profit-making dividend, and return the principal after one year, and the above victim shall enter into an investment agreement with the defendant as above.